The graph pins down just how much money Americans spend each year, based on 2021 figures. Far and away, Generation X (Americans born between 1965 and 1980) spent the most of any U.S. demographic that year, cracking open their wallets to the tune of $83,357.
According to a recent survey of Gen Z's shopping habits, the top products consumers in this age group (defined as those aged 18 to 24) purchase online are those in the clothing and shoes category. As many as 65% of Gen Z shoppers—or close to two in three—say they get these items over the internet.
A 5th of the US Population Belong to Generation Z
They're currently the third biggest generational group and account for 20.7% of the US population. So, considering that they make up a big percentage, you'll want to continue reading to get to know them and what makes them tick better.
Gen Zers generally have strong values related to racial justice and sustainability. Mobilizations like the Global Climate March, led by Gen Z activist Greta Thunberg, thrive on the activism of young people. Climate change is one of the issues Gen Zers care about most.
Generation Z was raised on the internet and spends a significant amount of time using phones, tablets and other mobile devices to connect with friends as well as brands and influencers. They have high expectations for the appearance, functionality and security of the online stores they shop at.
GENERATION Y OR THE MILLENNIALS: DIGITAL NATIVES
The revolution was shaped by the millennials or generation Y. Also known as digital natives, millennials are those born between 1982 and 1994 and technology is part of their everyday lives: all their activities are mediated by a screen.
Regarding the stats, it's clear that Gen Z is struggling. A 2022 survey of Gen Z young adults (ages 19 through 24) found that 42% are diagnosed with a mental health condition. Of these people, 26% were diagnosed during the COVID-19 pandemic, which worsened mental health for many people of all ages.
Gen Zers, born in the late 1990s to early 2000s, are both highly connected and socially conscious. As the first generation of digital natives, advertising has been an ever-present fact of their lives, making it that much easier to tune out. That's what makes the Gen Z buyer persona so difficult to nail down.
What are the values of Gen Z? Gen Z is known for being resourceful, independent learners who value diversity and inclusive culture and place a priority on well-being and mental health in the workplace.
Gen Z consumers are starting to buy luxury goods — everything from designer handbags and shoes, to watches, jewelry, apparel and beauty products — at age 15, three to five years earlier than millennials did, the report said.
According to a study from Credit Karma, Generation Z, which is defined as people born between 1997 and 2012, accumulated a higher percentage of debt at the end of 2022. The study shows that Generation Z had, on average, $15,796 of debt between March and May of 2022.
e' Gen Z Workers, are actually the Happiest and Hardest Working Generation, say Researchers.
In an article for The Atlantic, authors Derek Thompson and Jordan Weissman describe this new economic reality emerging for Millennials, our “cheapest generation.” A multitude of factors have conspired to make young people combine their buying power and forego the promise of ownership that inspired previous generations.
The Greatest Generation commonly refers to those Americans who were born in the 1900s through the 1920s. The Greatest Generation members all lived through the Great Depression and many of them fought in World War II. These individuals have often been described as driven, patriotic, and team-players.
'Devastating – economically, socially and much more'
In the short term, Gen Z's stress is leading to ambivalence and withdrawal in their professional lives. According to 2022 data from Gallup, they are the most disengaged group at work. They also report more overall stress and work-related burnout than other cohorts.
They're impulsive. Another weakness of Gen Z is that they can be quite impulsive. With instant gratification being so easily accessible, this generation has difficulty waiting for anything. They want what they want and they want it now!
According to a recent survey of 1,300 managers, three out of four agree that Gen Z is harder to work with than other generations — so much so that 65% of employers said they have to fire them more often.
So it's no surprise recent studies have declared millennials, especially women, the most anxious generation in history. Anxiety comes in many forms, but the simplest way to describe it is feeling worried or nervous about the future or uncertain situations.
Unlike previous generations, Gen Z has little to no memory of a world without the internet, smartphones, and social media. Technology is a substantial part of their life. Being continually connected can also result in self-esteem issues and feeling pressure to conform.
Other mental health conditions the generation faces are ADHD (27%), PTSD (20%), and OCD (17%).
What Is the Definition of Millennials? Millennials are a demographic cohort or age group, also known as Generation Y. They're called millennials because they became adults around the time of the millennium.
Generation Y can be confident and ambitious. They are not afraid to question authority, are constantly seeking out new challenges and want meaningful work. Generation Y people typically want to be part of a team, but at the same time they desire to be in the spotlight.
Generation Y, often referenced to as millennials, were raised by Baby Boomers, while Generation Z has less hands-on parents from Generation X. This alone impacts their values, which are often reflections of how they were raised.